The directors have resolved to issue fully paid
ordinary shares in the Company as a capitalisation share award to
ordinary shareholders registered in the books of the company at
the close of business on Friday, 20 August 1999.
Such shareholders will be entitled, in respect
of all or part of their shareholding, to elect to receive instead
a cash dividend of 128 cents per ordinary share ("the election").
New fully paid ordinary shares in the Company will be issued only
to those ordinary shareholders who do not elect in respect of all
or part of their shareholding on or before Friday, 17 September
1999, to receive the aforementioned dividend.
The number of capitalisation shares to which shareholders
are entitled will be determined in the ratio that 128 cents per
ordinary share multiplied by 1,05 bears to the weighted average
price of Nedcor's ordinary shares in the Johannesburg Stock Exchange
("the JSE") for the four business days ending Thursday, 16 September
1999. Where entitlements to new Nedcor ordinary shares result in
fractions of shares, these fractions will rank for a residual cash
Documentation dealing with the capitalisation share
award and election will be posted to shareholders on or about 27
August 1999. In order to be valid, completed election forms will
need to be received by Nedcor's transfer secretaries by no later
than 12:00 on Friday, 17 September 1999. Election forms in envelopes
postmarked on or prior to Friday, 17 September 1999 will be accepted
only if received by no later than 12:00 on Wednesday, 22 September
Subject to approval of the JSE, a listing for the
new ordinary shares to be issued pursuant to the capitalisation
share award will commence on Monday, 27 September 1999.
It is expected that dividend cheques and share
certificates will be posted to shareholders on or about Monday,
27 September 1999.
A further announcement will be made on or about
Monday, 27 September 1999, reporting on the result of the election.